Economy
Onitsha Shoprite Idles Away
It was set up to compete with other shopping malls in Awka and Nnewi. But the shopping mall in Onitsha, housing Shoprite is not being patronised. Reason? The people have so many markets that offer cheaper prices as Okegwo Kenechukwu in Onitsha, reports,
In fairness to the former Governor of Anambra State, Mr Peter Obi, there was no doubt that he had the desire to make Anambra State a megacity to reckon with in Nigeria and beyond.
To some people, he was the Messiah who turned the fortune of the state around but to some, Obi came on a business voyage with an overriding interest to explore and exploit all avenues of untapped mineral and material resources of the state.
Among the enterprise of the former governor that are visible are the Sab Milla Breweries, makers of Hero beer, the non-functioning Orient Petroleum Resources and the Shopping Mall complexes sited in the three business zones of Awka, Onitsha and Nnewi. Although, the Orient Petroleum Resources in Umuoba Anam in Anambra West and Ayamelum Area is yet to commence production, over 85 per cent of the people of South East hailed the venture because it launched the state into the membership of oil producing states in Nigeria but since the completion and commissioning of the shopping mall in Onitsha on April 14 , 2016, by the present Governor of the state, Chief Willie Obiano, the Shoprite, which people thought would dwarf others in the South East zone has remained deserted, contrary to the expectation of the people.
This, according to inhabitants of the commercial city was because it was a misplaced economic venture.
Investigation has also shown that while the ones in Awka and Nnewi are at different stages of activities, that of Onitsha has remained deserted and a ghost of itself Onitsha Shopping Mall, according to them was located at the former Anambra Broadcasting Service (ABS) Station office in Onitsha, inside the heart land of the commercial city to draw the expected customers that would patronize it to stand the test of time from within and around the city.
Investigation revealed that so many reasons have been adduced for the poor patronage of the business, while some believed that the location of the mall was ab initio, a subject of controversy between the people of Onitsha and Anambra State government on one side and the ABS on the other. Some alleged that the Onitsha people leased the land to the then Anambra State when one Chief Boniface Offorkaja was the General Manager of the Anambra Broadcasting Corporation in the early 1980s and as such, was a subject of controversy.
Meanwhile, a random opinion conducted by our correspondent showed that most people in the commercial city have little or no time to go to the mall for shopping which according to them was luxury for the wealthy people and not the lower income earners and business men. “Oga, that thing no go work for Onitsha oh.
Who get time to go there to buy tomatoes or yam when you can pick it in Ose Okwuodu market at a cheaper price? They are just wasting their time. For me, I will not even go there unless I am going for site seeing” “Well, I think the idea of citing a shopping mall in the city is a wise one and a step in right direction”, said another trader “but my fear was that it may not survive competition.
You see Onitsha is a commercial city and everywhere in and around the town, you find open one market or the other. There is nothing you can find in that place that you cannot find along the street of Onitsha, even at a cheaper rate,” said a trader in the city.
“Another one is the level of literacy in the commercial city” a commercial motorcyclist said. “Most of the people here are traders that deal with one good or the other. They have all varieties of the commodity around them.
“There are no universities or other higher institutions either from where the students can come to make shopping like that one in Enugu State and the level of government institutions in Onitsha is quite low. I doubt if it will survive.” However the general opinion about the Shoprite is that the apathy already shown by the people and the investment made by the owners of the Shoprite could have been channelled into other ventures.
Source: https://newtelegraphonline.com/onitsha-shoprite-idles-away/
By Adedapo Adesanya
The Naira almost traded flat against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, July 20. It gained 7 Kobo during the session to sell at N1,380.11/$1, in contrast to last Friday’s value of N1,380.18/$1.
It also appreciated against the Euro in the same market window during the session by N1.64 to close at N1,575.95/€1 versus the preceding session’s N1,576.99/€1, but depreciated against the Pound Sterling by N2.93 to trade at N1,857.35/£1 compared with the previous trading day’s N1,854.42/£1.
At the GTBank forex desk, the Nigerian Naira lost N1 against the US Dollar to quote at N1,389/$1 versus N1,388/$1, and at the black market, it traded flat at N1,405/$1.
Data from the Central Bank of Nigeria (CBN) showed that interbank FX turnover settled at $266.2 million, 7.5 per cent lower than the previous close of $287.8 million. Also, the number of deals at the interbank FX market declined to 68 from 106.
Despite this, there are signals that the Naira has pillars that can prop up its stability. Updated data from the apex bank showed Nigeria’s gross foreign exchange reserves increased to $51.92 billion as of July 16, 2026, reflecting continued improvements in the country’s external position.
A slew of analysts predict further increases will lift the gross balance above $52 billion this week, the highest seen since 2009.
Also, there are expectations that the country will be able to boost remittances into the country to $1 billion on a monthly basis by the end of the year; this will help ease pressure on the FX markets.
Meanwhile, in the crypto market, Bitcoin (BTC) climbed to about $65,500, reaching a two-week high, as the semiconductor selloff that dragged crypto lower last week reversed and Asian chip stocks led a broad risk rally. It rose by 2.4 per cent to $65,676.01.
There was also support from five straight days of inflows into US spot Bitcoin ETFs totalling more than $600 million, marking the strongest stretch of institutional buying since mid-July.
Cardano (ADA) jumped by 8.3 per cent to $0.1756, Ethereum (ETH) grew by 4.0 per cent to $1,930.33, Ripple (XRP) improved by 3.9 per cent to $1.13, Solana (SOL) appreciated by 3.2 per cent to $78.34, Binance Coin (BNB) added 1.9 per cent to sell for $575.34, and Dogecoin (DOGE) expanded by 1.7 per cent rise to $0.0729.
However, TRON (TRX) declined by 0.1 per cent to $0.3261, and the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each
By Dipo Olowookere
Sustained bargain-hunting in local stocks further lifted the Nigerian Exchange (NGX) Limited by 1.12 per cent on Monday.
The buying pressure was across the major sectors of Customs Street, though the consumer goods space came under profit-taking, closing flat.
But the banking counter expanded by 3.14 per cent, the industrial goods index gained 2.82 per cent, the insurance sector increased by 0.25 per cent, and the energy segment soared by 0.08 per cent.
Consequently, the All-Share Index (ASI) surged by 2,721.83 points to 246,183.96 points from 243,462.13 points, and the market capitalisation went up by N1.755 trillion to N158.812 trillion from N157.057 trillion.
Custodian Investment and NEM Insurance chalked up 10.00 per cent each to sell for N75.90 and N30.80, respectively, BUA Cement rose by 9.98 per cent to N303.10, First Holdco improved by 9.95 per cent to N105.50, and FTN Cocoa advanced by 9.94 per cent to N9.29.
On the flip side, SUNU Assurances shrank by 10.00 per cent to N3.60, Tripple Gee slipped by 9.77 per cent to N3.51, ABC Transport tumbled by 9.62 per cent to N7.05 per cent, Abbey Bank crashed by 9.00 per cent to N9.10, and Coronation Insurance dipped by 7.69 per cent to N2.40.
The market breadth index was flat yesterday, as there were 31 price gainers and 31 price losers.
First Holdco led the activity chart during the session, with a turnover of 203.9 million shares valued at N21.5 billion. Access Holdings sold 190.7 million equities worth N4.8 billion, UBA traded 29.2 million stocks for N1.4 billion, Zenith Bank transacted 24.7 million shares valued at N2.9 billion, and Sterling Holdings exchanged 23.6 million equities worth N187.4 million.
When trading activities ended at 4 pm, investors traded 851.6 million stocks for N49.6 billion in 56,873 deals compared with the 685.9 million stocks valued at N42.7 billion transacted in 44,134 deals last Friday, representing a rise in the trading volume, value, and number of deals by 24.16 per cent, 16.16 per cent, and 28.86 per cent, respectively.
By Adedapo Adesanya
Oil prices settled over 1 per cent higher on Monday as the market weighed the prospect of renewed US-Iran negotiations against escalating supply risks following escalations in the Middle East.
Brent crude futures gained $1.12 or 1.3 per cent to trade at $89.22 per barrel, while the US West Texas Intermediate (WTI) crude soared by 74 cents or 0.9 per cent to $83.23 a barrel.
The Middle East conflict escalated over the weekend, with the US conducting a ninth straight night of attacks against Iran, while American allies Kuwait and Bahrain reported more Iranian strikes.
Traders weighed hopes of renewed US-Iran negotiations against Yemen’s Houthis’ imposition of a naval blockade against Saudi Arabia. The group said the “maritime embargo” was retaliation for what it described as a Saudi siege of Yemen.
This development brings the US-Iran war officially to the southern entrance of the Red Sea and threatens an export route used by Saudi Arabia to bypass disruptions in the Strait of Hormuz. About 20 per cent of global oil supplies flowed through the waterway.
Iran had previously instructed the Houthis to prepare to close the Bab el-Mandeb Strait if the US continued attacking Iranian power infrastructure. A full closure could disrupt oil shipments equivalent to about 7 per cent of global supply.
Meanwhile, Iran has received a proposal for a 10-day ceasefire, and both Iran and the US have left open the possibility of renewed negotiations.
Market analysts noted that if a ceasefire does not materialise and the Strait of Hormuz remains largely closed while the Houthi threat to Red Sea shipping intensifies, the risk of a significant rebound in oil prices would be substantial.
Kpler analysts said in a note that there is also the possibility that a record amount of crude oil on water, estimated at around 1.35 billion barrels, could limit the next leg of oil price increases.
A drone struck a tanker loading crude oil at the Caspian Pipeline Consortium’s (CPC) Black Sea export terminal on Monday, forcing the suspension of exports for the second time in less than 24 hours.
The CPC system accounts for roughly 1 per cent of global oil supply, carrying crude primarily from Kazakhstan’s giant Tengiz, Kashagan and Karachaganak fields, with additional volumes from Russian producers in the Caspian region.
